HELPFUL INFORMATION

Have a few more questions about which insurance cover is right for you? Then our Helpful Information guide may have the answers you’re looking for. We’ve got the answers to some of the most frequently asked questions concerning Life Insurance, Income Protection and Pet Insurance. However, do feel free to call and chat to one of our sales advisers if you still have any other queries. Your question may even end up in our guide!

Helpful Information

I don't work, can I still get Life Insurance?

If you can keep up with your monthly premium payments, it doesn’t matter whether you work or not, you’ll be accepted for life cover subject to fulfilling other criteria. If applying for a particularly large amount of cover you may be asked to provide a reason why, but you may be asked this working or not.

When exactly will my life insurance policy start?

This will depend on how much detail you can provide upon applying for a policy and your chosen insurance provider. If your application is accepted immediately, your policy will either start right away or any time in the following 30 days. If your insurer requires any extra medical information, your policy start will be delayed until they receive a response from your GP. It takes an average of two weeks for an insurer to get response, but this will be done at no extra cost to you.

Will tax have to be paid on the Life Insurance payout?

Under current tax laws, payment made on Level-Term and Decreasing-Term payouts are exempt from income tax and capital gains tax. However, depending on the circumstances, your payout may be subject to inheritance tax. You can get help avoiding this by speaking to one of our friendly sales agents.

Are there any particular illnesses excluded for Critical Illness cover?

Exclusions vary from policy to policy, but common ones include claims related to drug abuse, criminal activity, participation in war, rioting or civil unrest, self-inflicted injuries and failure to follow medical advice. Reoccurring illnesses may also be excluded in your cover (eg, cancer recurrence) but it is always recommended that you check your policy thoroughly before buying the best life cover for you.

How easy is it to add Critical Illness Cover to another Life Insurance policy?

It’s very easy. Most insurers will ask if you want to add critical illness cover to your life policy during the application process, but you don’t have to. If you change your mind, some insurers will allow you to add it on later. Adding critical illness cover will increase the price of your premiums, but it is still important to consider if, for example, you survive a life-threatening event.

Can I have more than one Mortgage Protection insurance policy?

If you own more than one property (such as one you live and one you rent out) or you re-mortgage your home, then you can have more than one policy to cover these additional mortgages. However, there are certain limitations you will need to be aware of when doing this. Our sales agents will be able to talk you through these when you get a quote.

Is Mortgage Protection Insurance the same as PPI?

While they have very similar abbreviations, these two policies are not the same. PPI covers a single loan or debt while too ill or injured to work and is paid directly to the lender. Mortgage Protection Insurance can only cover your mortgage after your passing and is paid directly to your loved ones. This way your family understand what they’re being covered from rather than having money striped away from them by a lender.

How good are insurers for paying out on Life Insurance claims?

On average, insurers paid out of 97.6% of all life insurance claims in 2018 (FTAdviser). This is largely due to how inclusive protection insurance policies have become in recent years, covering more illnesses, causes of death, professions and personal circumstances.